XRP Price Plummets Amidst Fed Hawkishness

The XRP price took a sharp downturn after Federal Reserve Chair Kevin Warsh delivered a hawkish message on inflation during his first Jackson Hole speech.

Warsh emphasized that the Fed continues to target a 2% inflation rate and noted that 54% of PCE inflation components have risen by more than 3% over the past year.

He also stressed that short-term interest rates remain the primary tool for achieving the dual mandate, and hinted at a potential rate hike in September if inflation doesn't improve.

The market reaction was swift, with XRP dropping to around $1.38 on Friday, down roughly 5% over the past 24 hours according to CoinGecko data.